Chapel Hill’s Greenbridge development sold to new owners

Greenbridge has sat mostly empty and mired in financial troubles since April, when Bank of America started the development’s foreclosure process.

But after two foreclosure sale delays and five months, the bank has sold the property to a group of investors — and town officials say they hope new owners could mean a new chance for Greenbridge’s success.

Invesco, Ltd. announced in a press release Sept. 29 that two of its subsidiaries had joined two other firms to purchase 29 loans spread through 16 states from Bank of America.

Shirley Norton, spokeswoman for Bank of America, wrote in an email that the bank no longer owns the Greenbridge property and that it had been part of the Invesco purchase.

“It’s a great relief,” said Chapel Hill Mayor Mark Kleinschmidt. He said he hopes that soon the development will attract businesses and residents to downtown, rather than sitting vacant.

Before the first foreclosure date was set in March, fewer than half of the development’s 97 condominiums had sold and developers owed $28.7 million in loans to the bank.

The mixed-use development, located at 601 W. Rosemary St., has two towers and houses offices, retail space and luxury condominiums.

Town officials have blamed the down economy for its struggles in the past — the building’s condominiums are for-sale only and range to upwards of $1 million per unit.

All of the building’s 15 affordable units, which cost around $100,000, have sold.

The investors, which included WL Ross & Co., Invesco Advisers, Inc., Square Mile Capital Management and the Canyon-Johnson Urban Funds, made $880 million in total purchases from the bank, according to the press release.